💥 According to CoinPedia: Is $SOL Heading Back into the Decessive Range?

With the resurgence of memecoin mania, Solana also received significant momentum. The bulls used all their strength to keep the value above $180 but the growing bearish strength caused a notable pullback. As a result, the SOL price is consolidating strongly within a narrow range of $163 to $172, indicating the possibility of a large move ahead

As suggested in the above chart, the SOL price continues its trade within a symmetrical triangle and is currently holding above the local support zone between $155 and $160. The tight accumulation has occurred due to the equal participation of the bulls and bears and hence this suggests a huge price action could be on the horizon. 

Besides, the technicals suggest a notable change in the trend as the Gaussian channel just turned green, indicating the beginning of an upswing. Moreover, the price is closely ranging just below the upper bands of the channel and if they manage to break above the levels, a fresh upswing may begin. Secondly, the stochastic RSI has also reached below the lower threshold and could be preparing for a rebound, substantiating the bullish claim. 

Therefore, Solana’s (SOL) price continues to remain within bullish influence and hence a bullish breakout above $175 may be expected at the beginning of the second half of 2024.